An MA in Economics entrance exam preparation can be quite challenging. Therefore, preparation needs a well-planned strategic study course: this would allow the coverage of all relevant themes while at the same time attaining a balance between depth and breadth of insight. The guide below is all-encompassing and will provide you with the best tactics required to ace that entrance exam. Whether JNU, DSE, or IGIDR, all those top collegiate institutions follow the same strategy, though it may vary from case to case: intense practice, continuity of effort, and clear concepts.
Understand the Exam Pattern
Before starting the preparation process, become familiar with the pattern of the MA Economics entrance exam you will be targeting. In most places, the candidates are tested on these aspects of economics and microeconomics, macroeconomics, mathematical methods, statistics, and econometrics. The general knowledge and the logical reasonings are also incorporated during the exams. Here is an average percentage break-up of such an exam:
- Microeconomics: 25-30%
- Macroeconomics: 20-25%
- Mathematical Methods for Economics: 15-20%
- Statistics and Econometrics: 15-20%
- General Knowledge and Current Affairs: 5-10%
- Logical Reasoning: 5-10%
This will help to get an idea about the weightage-based time to be spent on each area of preparation.
Design Your Study Schedule
Study schedule provides a structured approach to achieve a grand understanding of the subjects. And without a good schedule, you would not be in an easy position to finish the syllabus. You’ll know how to design your perfect schedule. Here is the step-by-step approach for an appropriate schedule.
Prioritization at the Core Area
Begin with the main topics- start first with some core ones like microeconomics and macroeconomics. You are essentially working with the actual core of the exam here. More time should be allotted to these modules so you can get a feel for what these key concepts and theories are all about.
Invest Time in Mathematical and Statistical Concepts
Math and statistics form a huge part of the examination, which most students find challenging. Most parts of the exam require daily practice. Set aside some time every day to solve numerical problems and be comfortable with mathematical concepts such as calculus, linear algebra, or differential equations.
Start Revising and Mock Tests
Your study schedule must also include time for periodic revisions and practice in mock tests. Mock tests, apart from helping you judge your progress, acclimatize you to the exam pattern and time management. For a close and closer date of examination, try to take up at least one mock test every week.
Focus on Key Subjects
Microeconomics
The backbone of any MA Economics entrance exam is microeconomics. The important topics that you should be practicing in this regard are:
- Consumer Behavior: Discuss the utility concept, demand theory, and indifference curves.
- Theory of the Firm: Discuss production functions, cost structures, and market structures including perfect competition, monopoly, and oligopoly.
- Game Theory and Information Economics: These are often topics that students will encounter in entrance exams and are staple areas for the big institutions.
Macroeconomics
For macroeconomics, focus should be placed on:
- National Income Accounting and Income Determination Models
- Monetary and Fiscal Policy: Inflation, unemployment, and interest rate-related theories.
- IS-LM Framework: The most significant area for most entrance exams.
- Open Economy Macroeconomics: Especially for institutions like DSE that specialize in the developments of international economics
Mathematics for Economics
Use of mathematical techniques is crucial in doing well in the exam. Key areas here are:
- Optimization Problems: Be well versed with constrained as well as unconstrained optimization
- Matrices and Determinants
- Calculus: Both differential and integral calculus
- Linear Algebra and Differential Equations
Practice problems on these topics regularly and be sure to grasp their applications well in economics.
Statistics and Econometrics
Statistics and econometrics are given ever more importance in modern programs in economics. Master the following:
- Probability Theory
- Descriptive Statistics and Inferential Statistics
- Regression Analysis
- Hypothesis Testing and Estimation
These cover both theoretical questions and applied problems.
General Knowledge and Current Affairs
Most entrance exams have a section on general awareness and current affairs around economics. Stay updated with the latest happenings in the economy, international finance flows, and policy changes in the government through newspapers such as The Hindu or economic journals such as The Economist.
Choose the Right Study Material
The right study material is necessary to prepare well. Here’s the list of books and materials needed.
- There is microeconomic theory by Hal Varian and Intermediate Microeconomics by H.L. Ahuja.
- Macroeconomics: this may include Macroeconomics by Gregory Mankiw and Macro Economic Theory by Rudiger Dornbusch and Stanley Fischer.
- Mathematics for Economics: This could be in Mathematical Methods for Economic Analysis by Sydsaeter and Hammond, and Mathematics for Economists by Carl Simon and Lawrence Blume.
- Statistics: this includes Introductory Econometrics by Jeffrey Wooldridge and Mathematical Statistics by John Freund.
- Current Affairs: Keep yourself updated with economic surveys, budget documents and other important reports brought out by the Government, for instance, Economic Survey and Union Budget.
Practice Previous Year Papers
Another good preparation method for any entrance test is to solve previous years’ question papers. These inform not only the kind of questions asked but what to expect in terms of degree of difficulty. Attempt at least the last 5 years’ papers for the university or institution you are targeting.
Mock Tests and Time Management
Time management is that which will help crack any entrance exam. Ensure you appear regularly for mock tests under simulated examination conditions. These tests instill good time management habits in you. It has been seen that several students fail not because they don’t know the answers but because they run out of time.
- Be very strict about allotting a particular time limit to each section and stick to it while doing your mock tests.
- Carefully analyze your performance after each test, so you know where you are weak. Invest most of your time improving on these weak areas.
Stay Consistent and Motivated
Preparing for an MA Economics entrance exam is very much a marathon and not a sprint. It requires discipline and consistency. Hence, ensure that you do not miss any scheduled date of revision practice. Practice regularly. To add to this, reward yourself at the end of every week with small yet achievable goals. When you can see your progress, no matter how insignificant it seems, you will remain energized and focused.
